Tarot Card Reading: The Business, Part 3

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So, this will be my last post to wrap up this series…
When I started to think of how to structure my business, I looked at some examples. Eventually, I decided to go with a single member Limited Liability Company or LLC. For some of the following reasons:
  • Liability – My divination business and I are two separate entities. I have to make sure that there is a definite distinction. For example, I must have a separate bank account for the business. When signing documents, I have to specify that I am signing as a representative or executor on behalf of the business. Also, in terms of legalities, my personal assets are not on the table, only assets of the company.

     
    This was my biggest factor. In a worst case scenario, a client interprets my reading in such a way that gets him or her in trouble, so they decide to sue. I'm sure that there are "safeguards" when it comes to this business, such as disclaimers stating that the reading is for "entertainment purposes only". I just didn't want to take that chance.

     
  • Ability to be a single-member corporation – I wanted the legal separation, but didn't want the 100% liability of a sole-proprietorship. In Washington State and other states, a single member can form a single-member LLC, unlike an "S" or subchapter S corporation or a traditional "C" corporation where there must be most than one to form… At least how I understood it.

     
  • Pass-Through Taxation – In a traditional "C" corporation, the corporation will be taxed and the dividends or any earnings that the members are taxed also, in other words, I avoid double taxation. This can be accomplished with an "S", but once again, I would need partners. Something, I chose not to have.
There is one point though that is rather risky:
  • LLC's DO NOT have legal precedent – LLC's are so new that there are no records, if at all, about them in litigation at the federal level. I'm sure that there have been at the state level, but I haven't done due diligence in that area. I figure that as long as I'm following the law to the letter I won't be the poster boy for such a precedent.
These are just a few points why I decided to incorporate as an LLC. Now, I'm just an example, and I don't recommend doing what I did, if you decided to get into the divination or metaphysical business. Consult with a Tax attorney for the state in which you plan on incorporating or starting your business.
Once I decided on the structure of my business, the next challenge was a name.
The name had to be catchy, but not already in use anywhere in the State of Washington or in U.S., to be sure. It had to "mean" something, at least to me. And, it had to be "open". In other words, it wasn't restricting. For example, I know of a business in the Philippines known as Shoemart. Well, according to what I've heard is that the company started selling shoes, now they sell more and is a department store chain in the islands. I had juggled in my head several names, some weird, some plain eventually a stroke of luck came along and pointed me towards the name I should use.
Sometime in late May I visited my mother regarding a small "sari-sari" or miscellaneous mart that her friend was opening up in Bremerton, call "Jean's Kitchenette". Afterward, we went to the local Clearwater Casino, run by the Native American Suquamish tribe on the Kitsap peninsula. At first I figured that I would just walk around and look at the games, or follow my mother around. Whenever I went gambling, I always lost the money that I put in. I know better than to "chase" the money, especially when it comes to the video machines. So, usually, I'd play and then stop once the money I intended to spend was used up. She always said that I brought her "good luck". Mother and I went separate ways; she off to some $0.05 video machine; me, to the cafeteria. At the cafeteria, a particular machine caught my eye. It was called "Gift from the Gods". It had a Greek mythological theme about it and played like many of the video machines. The more "credits" you bet, the more chances you may line up the various icons in the game and "increase" your chances.
I always found it funny how the $0.05 or $0.02, machines are advertised in the casino. You see how much each credit is about the area in which they reside. When you play them, you soon realize that if you bet the maximum, that $0.05 or $0.02 is multiplied several times. You really only spend X amount if you bet one credit.
"Gift of the Gods" caught my eye. I proceeded to the ticket machine. I inserted about $30.00 worth and began to play. After playing for about 15 minutes, I won big. At the time I didn't know how much I won. All I saw was that I had won over 100,000 credits. I figured that I must have been $100.00, or so. The entire time I kept imagining the annoying dinging sound made when a credit was added to my card. I kept imagining that it sped up or lasted a long, long time. I kept thanking the machine and trying to "influence" the machine using my mind. I monitored my thought so well that when I won a large number of credits, I made sure that I said to myself "I believe it!" instead of the "I don't believe it!" I kept thinking and welcoming more credits. I made a "deal" with the machine that I would reach 150,000 credits and I would stop. I reached the "agreed" number of credits and decided to "renegotiate". When that happened, I lost a bunch of credits. I "apologized" and soon I was back up to the agreed number.
Mother and I agreed to stay only an hour. When that time came along, I printed out my ticket and was pleasantly surprised to have won over $300.00! I went to the cashiers' booth and cashed out.
It all made sense to me. I had in the back of my mind a Greek word that meant "fortunate". It had a "Y" in the name. According to what I've read or heard, names with "K", "Q", "X", "Y" or "Z" was more appealing, so I went with naming my company Eutyches Enterprises, LLC.

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